July 23, 2024 |
Photo – Fuel pump – Bigfoot99 file photo
Average gasoline prices in Wyoming have fallen 1 cent per gallon in the last week, averaging $3.30 per gallon Monday, according to GasBuddy.com‘s survey of 494 stations in Wyoming.
Prices in Wyoming are 4.9 cents per gallon higher than a month ago, and they stand 29.9 cents per gallon lower than a year ago.
According to GasBuddy price reports, the lowest price in the state on Sunday was $2.96, while the highest was $4.39, a difference of $1.43 per gallon.
The national average price of gasoline has fallen 1.9 cents per gallon in the last week, averaging $3.47 per gallon Monday. The national average is up 3.5 cents per gallon from a month ago, and stands 9.9 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
The national average price of diesel has fallen 4 cents in the last week, and stands at $3.79 per gallon.
Trade analysts say prices are lower because demand has fallen—likely due to high prices. In June following the Memorial Day weekend, demand fell by nearly 9-billion barrels year-to-date. Americans are not driving as much because other consumer products have also risen in prices.
Americans can’t afford to drive, so they’re not going on trips. AAA spokesperson Andrew Gross describes the situation this way. “Traditionally — pre-pandemic — after Memorial Day, demand would start to pick up in the summertime. And we just don’t see it anymore.”
Inflation has forced consumers to change their habits.
Also, in May, the Biden Administration released 1-million barrels, or about 42 million gallons from the Northeast reserve with the aim of lowering prices at the pump during an election year.
The result, gas prices are lower now than they were in 2023 or 2022.
